Reasons I think it'll take another hit:
The Fed is waffling about a rate cut (I'm thinking a 1% cut would stabilize the market, but I don't think they should do it, personally, the Fed's mandate is to "Ensure that enough money and credit are available to sustain economic growth without inflation.") Regardless of what Kramer says...
The Fed & European Central Bank made 90 billion available to banks to ensure liquidity on Thursday prior to the jobs # coming out.
The financial sector's problems aren't limited strictly to the financial sector, or to the US economy, and it's going to take a few months for the subprime fiasco to work it's way through the system. Who didn't see that coming BTW? With the interest only notes & all the flipping infomercials & programs on TV? People that had no business playing with that many zeros were doing so on pure speculation & greed. Not that greed is a bad thing, but stupid greed is...
Another thing that concerns me is personal credit, and in my humble opinion is the thing that's going to throw us into recession, people have been doing app-o-ramas with CC companies, and dicking around with HELOC's on the only "investment" they own.
I think Christmas sales are going to suck majorly too...